Examining Racial and Gender Wealth Inequity: How Public Policy - - PowerPoint PPT Presentation

March 27th, 2019 | Sacramento, CA. www.womenswealthgap.org | @womenswealthgap | #womenswealthgap

Examining Racial and Gender Wealth Inequity: How Public Policy Promotes and Prevents Shared Prosperity in Our Communities

California Budget and Policy Center’s Policy Insights 2019

THANK YOU TO OUR FOUNDING SUPPORTERS:

Why the women’s wealth gap matters

• A national conversation is underway about the

social, political and economic rights of women.

• It’s critical to the economic security of families,

communities and the nation.

• Our national conversation about inequality

typically focus on income.

• Closing the gender income gap is critical, but

it’s not enough because it’s only part of the problem.

Closing the Women’s Wealth Gap

The Women’s Wealth Gap

• Today, the women’s wealth gap is

much larger than the income gap.

• It’s a chasm for women of color.
• Black and Latinx women own

pennies on the dollar compared to white men and women.

Closing the Women’s Wealth Gap

Historical causes of the gap

• To understand the gap, we need to look

at our nation’s long history of racial and gender discrimination.

• People of color and women have long

been prohibited from building wealth due to de jure and de facto discrimination.

• And the drivers of the women’s wealth

gap are not behind us.

Closing the Women’s Wealth Gap

Contemporary causes of the gap

• Pay gap and lack of paid leave
• Limited access to private and public sector

benefits designed to help turn income into wealth

• Asset limits force women to spend down

savings

• Women-owned businesses don’t produce

wealth for their owners

• Discrimination in mortgage markets

Closing the Women’s Wealth Gap

Who benefits?

• There’s no such thing as a “free

market”—policies determine who wins…and who loses.

• Many policies are blocking, rather than

fueling women’s economic prosperity.

• Now is the time to ask, “who benefits”?
• If the answer isn’t women, then now is

the time for change.

Closing the Women’s Wealth Gap

Promising solutions

• Advance pay equity, paid leave and

supportive family care policies

• Develop tailored financial products and

services

• Expand opportunities for women to save

and invest

• Increase access to public and private sector

benefits

• Regulate or eliminate predatory products

and practices

Closing the Women’s Wealth Gap

Policy Priorities

• California priorities (2018):

– Expansion of the CalEITC – Elimination of money bail – Rollout of CalSavers

• National priorities (2019):

– Paid leave – Family Self Sufficiency (FSS) program – Baby bonds

Closing the Women’s Wealth Gap

Closing the Women’s Wealth Gap

Closing the Women’s Wealth Gap

Heather McCulloch | Founder & Executive Director Closing the Women’s Wealth Gap Initiative heather@womenswealthgap.org www.womenswealthgap.org @womenswealthgap